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Oklahoma faces $878 million shortfall for upcoming year

(Source KSWO) (Source KSWO)

By The Associated Press

OKLAHOMA CITY (AP) - A state panel has certified the Oklahoma Legislature will have $878 million less to spend on the budget for the upcoming fiscal year and that additional cuts must be ordered for the current year.

Collections to the state's general fund fell well short of projections. That means finance officials will order across-the-board cuts to all state agencies, including public schools.

The shortfall for the upcoming fiscal year beginning July 1 means the Legislature will have about 13 percent less to dole out to state agencies than they spent last year.

Oklahoma's Board of Equalization confirmed both shortfalls during its regular meeting Tuesday.

It's the third consecutive year with a budget shortfall and the second straight for a revenue failure. A revenue failure is declared when collections fall more than 5 percent below estimates.

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